This is a new indicator release, Using the principle of Murrey Math Line Trading Systems. It will be easier for someone to add alerts on an oscillator rather than a overlay.

Currently, I did add some aesthetics for those who like to view different colors, can be turned off.

Oscillator Color Definition -

Green = Above MidLine

Red = Below Midline

Blue = Below Negative 3rd Quadrant

Orange = Above Positive 3rd Quadrant

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Planned future Improvement is to consider Wicks as well.

Do post your opinions and any improvement.

GL.

Currently, I did add some aesthetics for those who like to view different colors, can be turned off.

Oscillator Color Definition -

Green = Above MidLine

Red = Below Midline

Blue = Below Negative 3rd Quadrant

Orange = Above Positive 3rd Quadrant

/////////

Planned future Improvement is to consider Wicks as well.

Do post your opinions and any improvement.

GL.

// Created by UCSgears // Modified the conceptual Murray Math Lines System overlay to an Oscillator // Easier to add Alerts using an oscillator rather than an overlay // Does provide some aesthetics, Will be improved as Time Progresses study(title="UCS_Murrey's Math Oscillator", shorttitle="UCS_MMLO", overlay=false, precision = 2) // Inputs length = input(100, title = "Look back Length") mult = input(0.125, title = "Mutiplier; 1/8 = 0.125; 1/4 = 0.25.....") lines = input(true, title= "Show Murrey Math Fractals") bc = input(true, title = "Show Bar Colors for Oversold and Overbought") // Donchanin Channel hi = highest(high, length) lo = lowest(low, length) range = hi - lo multiplier = (range) * mult midline = lo + multiplier * 4 oscillator = (close - midline)/(range/2) scolor = oscillator > 0 and oscillator < mult*6 ? green : oscillator < 0 and oscillator > -mult*6 ? red : oscillator < -mult*6 ? blue : oscillator > mult*6 ? orange : na plot (oscillator, color = scolor, title = "Murrey Math Oscillator", style = columns, transp = 60) plot(0, title = "Zero Line", color = gray, linewidth = 4) plot(lines == 1 ? mult*2 : na, title = "First Positive Quadrant", color = gray, linewidth = 1) plot(lines == 1 ? mult*4 : na, title = "Second Positive Quadrant", color = gray, linewidth = 1) p3 = plot(lines == 1 ? mult*6 : na, title = "Third Positive Quadrant", color = gray, linewidth = 1) p4 = plot(lines == 1 ? mult*8 : na, title = "Fourth Positive Quadrant", color = gray, linewidth = 1) plot(lines == 1 ? -mult*2 : na, title = "First Negative Quadrant", color = gray, linewidth = 1) plot(lines == 1 ? -mult*4 : na, title = "Second Negative Quadrant", color = gray, linewidth = 1) p2 = plot(lines == 1 ? -mult*6 : na, title = "Third Negative Quadrant", color = gray, linewidth = 1) p1 = plot(lines == 1 ? -mult*8 : na, title = "Fourth Negative Quadrant", color = gray, linewidth = 1) fill (p1,p2, color = orange) fill (p3,p4, color = lime) // Bar Color Oversold and Overbought bcos = bc == 1 and oscillator > mult*6 ? orange : na bcob = bc == 1 and oscillator < -mult*6 ? blue : na barcolor (bcos) barcolor (bcob)